Singapore | January 6, 2026 | A former top executive of a company listed on the Singapore Exchange (SGX) has been sentenced to five years and six months’ imprisonment after being found guilty of misappropriating company assets worth over ₹155 crore, in a case that has triggered serious concerns over corporate governance, executive oversight and internal controls.
Richard Siua Cheng Foo, 54, who served as chief operating officer (COO) of MDR, pleaded guilty to one count of criminal breach of trust involving 625 mobile devices valued at nearly ₹61 crore. Four additional charges linked to the remaining amount were taken into consideration during sentencing. Importantly, no restitution has been made to the company.
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Assets meant for promotions, diverted for personal profit
Court documents revealed that the mobile devices were procured for marketing and promotional campaigns across MDR’s group companies. Instead of being deployed for legitimate business use, the devices were systematically siphoned off and sold through third-party channels, with the proceeds pocketed by the accused.
Prosecutors told the court that a gambling addiction was the primary motive behind the crime. As personal financial pressures intensified, Siua repeatedly diverted company assets to finance his betting habit, creating a sustained pattern of fraud.
At the time of the offences, Siua exercised extensive control within MDR’s corporate structure. He also served as chief executive and director of key subsidiaries including 3 Mobile Telecom, Handphoneshop and A-Mobile, collectively referred to in court as “the group”. Regulatory records indicate that he no longer holds any of these positions.
Authority abused, institutional trust exploited
Deputy Public Prosecutor Louis Ngia told the court that MDR’s subsidiaries were engaged in the distribution and retail of mobile phones and accessories. As CEO of these entities, Siua had legitimate authority to instruct staff to release devices from warehouses for promotions, partnerships and business initiatives.
However, beginning in November 2020, he abused this authority. Employees complied with his instructions without scrutiny, trusting that the withdrawals were in the company’s interest. This unchecked trust allowed the misappropriation to continue for more than a year.
“The accused realised that his staff trusted him and did not monitor his use of the assets,” the prosecutor said, adding that this confidence was deliberately exploited.
Third-party dealer and layered money trail
Investigations revealed that Siua enlisted the help of a close associate, Tan Yeow Kian, also known as Freddy, who was then a director of Next Telecom, a mobile phone trading firm.
Rather than purchasing the devices outright, Tan allegedly acted as a middleman—sourcing buyers, facilitating sales and retaining a commission. The remaining proceeds were passed to Siua or used to offset personal loans Siua owed him. Legal proceedings against Tan are still pending.
Scale of the fraud
Between 2020 and 2021, Siua misappropriated 4,057 mobile devices, with a cumulative value exceeding ₹155 crore, the court heard. The scale of the fraud was concealed through inflated marketing expenses and the broad autonomy granted to him as a senior executive.
The wrongdoing came to light only in December 2021, when Siua approached MDR’s chief executive seeking a company loan, citing personal financial difficulties.
Internal audit exposes red flags
Alarmed by the request, MDR’s CEO instructed the finance department to conduct a detailed review of Siua’s handling of group funds. The audit uncovered a sharp and unexplained spike in marketing expenditure during 2021, along with unusually frequent releases of mobile devices from inventory.
Confronted with these findings, Siua admitted to the misconduct. MDR’s chief financial officer reported the matter to the police on December 15, 2021, following which Siua surrendered himself.
Court’s warning on executive accountability
While sentencing, the court highlighted the grave breach of trust, noting that the offences were committed by a senior executive entrusted with extensive authority. Prosecutors argued that such crimes erode confidence in top management and weaken corporate governance frameworks.
Legal and governance experts said the case illustrates how unchecked power, personal financial distress and addiction can combine into large-scale corporate fraud. The absence of restitution further aggravated the offence.
A cautionary tale for listed companies
The conviction has renewed calls for robust internal controls, independent audits and segregation of duties, even at the highest management levels. For boards and shareholders, the case underscores a hard lesson: trust without oversight can prove extraordinarily costly.
For Singapore’s corporate ecosystem—and global markets watching closely—the judgment delivers a clear message: senior executives are fully accountable under the law, and abuse of corporate trust will invite severe punishment.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
